In Commissioner of Taxation v Miley, the Federal Court overturned a decision of the Administrative Appeals Tribunal (AAT) concerning the method for valuing shares in applying the maximum net asset value (MNAV) test in s 152-15 of the Income Tax Assessment Act 1997.
In the growing world of online marketing, and with the increased public profile and popularity of our athletes, there is increased value and interest in the name and image of professional sportspeople.
The recent case of FCT v Hacon illustrates the practical difficulties in obtaining a private ruling that depends on assumptions about future events - in particular, in the context of the application of the anti-avoidance provisions in Part IVA of the Income Tax Assessment Act 1936.
From 1 July 2018 purchasers of new residential premises or of new subdivisions of potential residential land that are taxable supplies will be required to pay 1/11th of the purchase price directly to the Australian Taxation Office (ATO) at settlement, if the exposure draft legislation released by the Government on 6 November 2017 passes in its current form. Subject to limited exceptions under proposed transitional rules, the new GST withholding obligation will apply even if a vendor applies the GST margin scheme.
In May 2017, the Federal Circuit Court (FCC) found the accountant’s client, the operator of a Japanese restaurant chain in Melbourne, underpaid its workers and thereby contravened the Fair Work Act. Critically though, the judge found the accounting firm, which provided the restaurant with book-keeping services, knew its client underpaid its employees and had ‘deliberately shut its eye as to what was going on’.
Uncertainty had arisen earlier this year as to whether companies with passive investments (including ‘bucket’ companies) would be eligible for the lower company tax rate of 27.5% based on the requirement in section 23AA of the Income Tax Rates Act 1986 that they were “carrying on a business.”
Geelong law firm Harwood Andrews celebrated its 175th birthday in October 2017, making it nine years older than the state of Victoria, and 17 years older than the Geelong Football Club. And, like the famed Cats, Harwood Andrews can lay claim to being significantly woven into Geelong’s social fabric, in fact even more so than the club that formed at the Victoria Hotel in 1859.
You never know if or when you might lose capacity, that is, lose the ability to manage your affairs. For example, you could be in a serious accident, you could suffer a stroke, or you could develop dementia. You might lose capacity temporarily or permanently.
All businesses and employers need to be aware of the recent amendments to the Fair Work Act 2009 (Cth) (Act). The amendments were part of a number of changes made by Parliament in the wake of recent underpayment scandals, particularly those involving prominent franchise operations.
The Australian Taxation Office (ATO) published the final version of the Practical Compliance Guidelines (PCG) 2016/16, which provides guidance in relation to what will be considered by the Commissioner when exercising his discretion to treat an interest in the income or capital of a trust as being a fixed entitlement, and by extension whether a trust is a fixed trust for most tax law purposes.
In the case of MSAUS v FC of T the Administrative Appeals Tribunal (AAT) recently held that Division 135 of the A New Tax System \Goods and Services Tax Act (GST Act) did not apply to impose an increasing adjustment (an amount of GST on an otherwise GST-free transaction) to the sale of leased residential apartments.
The 2017 The Lawyers Weekly Australian Law Awards were held on Friday, September 1st at the Star in Sydney. Harwood Andrews was again announced as the winner of the best Regional/Suburban Law firm of the Year for 2017.
Dealing with a deceased estate is a very difficult time. The grief felt from losing a loved one is often unbearable and just when you think things can’t get much worse, there’s all the legal stuff to deal with!
The competition regulator, the Australian Competition and Consumer Commission (ACCC), has initiated proceedings against Australia’s second largest car repair organisation in the country, Ultra Tune Australia Pty Ltd (Ultra Tune). The ACCC alleges that Ultra Tune has failed to comply with the Franchising Code of Conduct (Code) and the Australian Consumer Law (ACL)
The demands of playing professional sport, particularly in the AFL, have never been higher. The rigours athletes put their body through on the field are compounded with the intense scrutiny they receive off it from media and fans alike.
Whilst still trying to claim a foothold in a highly-populated sports market, the Melbourne Rebels have gradually set about establishing a lasting foundation for rugby union in Victoria since its establishment in 2010.
The Fair Work Commission (FWC) has handed down two decisions which will have implications for employers from 1 July 2017: the annual wage review which determines minimum award rates and the transitional arrangements to roll out changes to penalty rates.
On 19 May 2017, legislation amending the meaning of PPS Lease under the Personal Property Securities Act 2009 (Act) received royal assent and is now law. The new law, means that indefinite leases and leases of less than two years, are no longer required to be registered on the Personal Property Securities Register (PPSR).
The Federal Circuit Court has handed down an important decision, highlighting risks to accountants and other businesses that provide employment advice, payroll or bookkeeping services to employer clients.
As previously reported here, the Government introduced a Bill into Parliament to increase the aggregated turnover threshold for small business entities seeking to access small business tax concessions to less than $10 million and to reduce the corporate tax rate for small business entities to 27.5% from the 2016/17 income years.
In RGGW and Commissioner of Taxation  AATA 238, the Administrative Appeals Tribunal (AAT) held that tax losses were not available to a corporate partner in a property development partnership due to poor evidence to support its claim for losses.
The High Court of Australia has recently allowed an appeal against a decision of the Victorian Court of Appeal and found that the Commissioner of State Revenue (Commissioner) was not under a duty to issue amended assessments and refund an excess amount of land tax that was erroneously been paid by a taxpayer.